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Dec 7, 2012
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so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power panel, melinda, democratic strategist morris reed. let's start with you hogan. i want to start with this. senator harry reid used an interesting analogy on the floor to describe the current state of the republican party. listen to this first. >> he's got a problem. he has three quarter backs, sanchez, he's got tim tebow, a guy by the name of mcilroy. he can't describe who is going to be the quarterback. that's the same problem that the republicans are having. romney is there but he's in the background. who is the quarterback, mr. president. >> hogan, what do you think? who's the quarterback?
so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power...
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Dec 3, 2012
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you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american people and the days go on. what i really think, if i were giving them political advice, i think tom cole, a representative among them who is probably one of the smarter political tacticians in their party gave them some advice. let's get this over with. let's not be the party that looks like we're only looking out for the top 2%. but that's really, martin, exactly what they look like. the differences here i think to most americans are fairly small. let's keep taxes low for 98% of americans and lets ask the wealthy to pay a little more but it looks like republican
you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american...
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Dec 7, 2012
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>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make c
>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a...
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Dec 10, 2012
12/12
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you cannot cut your way to deficit reduction. lou: tha's right. pelosi says we cannot get our way to deficit reduction. listen to the top democrat in the house of representatives, the former speaker of the house unveiling -- on dealing with the fiscal crisis one more time. >> in many hes across america ad is a very, very lean tim. you cannot cut your way to deficit reduction. lou: today said minority leader appeared to be trying to outperform policy and the political rhetor of the absurd . senator reid's reason to be wary of reducing spending. >> the european community now is concerned about all the austerity. there are many, many things you can do to reduce debt but still have a stimulus aspect of the economy. >> that -- lou: the senate's top democrat believes we should return to europe for inspiration and guidance for fiscal policy, taking greece, perhaps, as a standard for dealing with economic and budget crises. the speaker did a charge the president is slow walking the nation to the brink of a fiscal cliff. that is one of th
you cannot cut your way to deficit reduction. lou: tha's right. pelosi says we cannot get our way to deficit reduction. listen to the top democrat in the house of representatives, the former speaker of the house unveiling -- on dealing with the fiscal crisis one more time. >> in many hes across america ad is a very, very lean tim. you cannot cut your way to deficit reduction. lou: today said minority leader appeared to be trying to outperform policy and the political rhetor of the absurd...
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Dec 4, 2012
12/12
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the deficit, nobody wants there to be a deficit, but that's not the pressing need we've got as a nation. growing the economy, frankly, is the only way we have gotten rid of red ink in the past. when americans are better off, they pay more in taxes. the government can pay for the usual things and pay down the debt. president clinton, the surplus, he got that partly from raising revenue. raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a beltway consensus when the economy needed to grow, you needed economic stimulus in terms of your fiscal policy. now the discussion about how we need to make sure we contract the economy and cause as much pain as pos
the deficit, nobody wants there to be a deficit, but that's not the pressing need we've got as a nation. growing the economy, frankly, is the only way we have gotten rid of red ink in the past. when americans are better off, they pay more in taxes. the government can pay for the usual things and pay down the debt. president clinton, the surplus, he got that partly from raising revenue. raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became...
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Dec 8, 2012
12/12
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we go into 2013 with still a trillion dollar a deficit. the question i ask you two and president obama is what's act two? what do we do next? >> he lumped us all in together. david, you do agree with stephen an one thing. there is work to be done on curtailing inefficient spending? >> there always will be. that's shooting fish in a barrel. the best funded program we have is social security. we shouldn't talk about cutting it. health care. for every dollar the other three modern countries in the world spend per capita in comparable dollars, we spend $2.64. we still have 50 million people without insurance. if we could get france's health care system, widely regarded as the best in the world we could eliminate social security taxes or 80% of individual income taxes and have the same deficit. by the way, if you look at the federal budget numbers the federal budget deficit is coming way down. the economy is improving. higher taxes allow us to create jobs by investing in things that work it. if we replace foundations of granite with sand and th
we go into 2013 with still a trillion dollar a deficit. the question i ask you two and president obama is what's act two? what do we do next? >> he lumped us all in together. david, you do agree with stephen an one thing. there is work to be done on curtailing inefficient spending? >> there always will be. that's shooting fish in a barrel. the best funded program we have is social security. we shouldn't talk about cutting it. health care. for every dollar the other three modern...
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that leaves us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have income over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of tha deficit. so does that suggest we have a tax problem or, perhaps, a spending problem? think about this. taxpayers making morethan $250,000 representing the top 2% paid morehan 46% of all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campaigns untack sites all around the country and ainst the wealthy, he's doing a lot of that. the bush tax rates are not the root of our problems. in fact, individual tax payments rose, get this, $2,303,000,000,000 or 26%. over the past two ye
that leaves us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have income over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of tha deficit. so does that suggest we have a tax problem or, perhaps, a spending...
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Dec 9, 2012
12/12
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if you look at the deficit, much higher in the u.s. than in the euro zone, for instance, debt, higher than many countries in the euro zone including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much it's recorded history. so you have a very, very diverse landscape at the moment, but certainly would that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff, the fiscal deficit, and the debt of the country, three topics that can be addressed now on a comprehensive and efficient fashion. >> so what should this mean? i think i could interpret any given number, to think oh, that means we should not touch taxes for any bracts, because it's as much money as we could have in it, or this means that we need more stimulus to keep the jobs going, or i could look at the debt and say this means we need to cut spending, so what does it mean? what would you, and what globally, what would mean the most for the u.s. to do? >> you know what you sa
if you look at the deficit, much higher in the u.s. than in the euro zone, for instance, debt, higher than many countries in the euro zone including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much it's recorded history. so you have a very, very diverse landscape at the moment, but certainly would that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff, the fiscal deficit, and the...
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last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou: might s
last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be...
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so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts. i do want to remind you though, that we have already voted on one trillion dollars of cuts, cuts that would cause great pain. i agree what you 100%. it can not be done. melissa: spending cutting numbers are even smaller than the tax numbers. they don't get us there either. i'm worried about stalling the economy. in the meantime when we talk about raising taxes and what it would do to small business. democrats like to point out we would only raise taxes on 3% of small business owners. >> right. melissa: but that 3% generates 50% of the inme from small business. so they're hiringhe majori of people. to me that is going to cost us jobs. >> well,ou know what? i think that what will cost us jobs for sure is if we go off thissfiscal cliff, because it is not just about ising tacks. it is also about the debt ceiling. it is about unemployment insurance. we have number of key issues tha
so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts. i do want to remind you though, that we have already voted on one trillion dollars of cuts, cuts that would cause great pain. i agree what you 100%. it can not be done. melissa: spending cutting numbers are even smaller than the tax numbers. they don't get us there either. i'm worried about stalling the economy....
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Dec 9, 2012
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we need to save more in this country and w count country and we need to get a handle on this deficit problem. but ronald reagan didn't get us into any wars, we had a police action in grenada, in eight years, that was it, yeah, you got to be strong, you got to maintain a strong national defense, fight against budget cuts and so forth. but unless there's a very large national interest involved, it can -- it's sometimes very counter productive to engage in some of these activities overseas, where right now, for instance, there's a lot of pressure on president obama to intervene militarily in syria, that would be the worst thing in the world we could do in my opinion. we should support the syrian opposition, politically, diplomatically, economically, but not militarily, because t t that's a slippery slope once you get into it. >> not even a no fly zone? >> i don't know, if you start a no fly zone, you got to get into the anti-aircraft batteries. but the government is going to fall. so i think the policy that the administration's following on syria is absolutely the right policy to follow
we need to save more in this country and w count country and we need to get a handle on this deficit problem. but ronald reagan didn't get us into any wars, we had a police action in grenada, in eight years, that was it, yeah, you got to be strong, you got to maintain a strong national defense, fight against budget cuts and so forth. but unless there's a very large national interest involved, it can -- it's sometimes very counter productive to engage in some of these activities overseas, where...
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Dec 2, 2012
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how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, along side that we're prepared to do some very detailed things on the spending side, and we're -- >> there's no guarantee, right? didn't that say that? at least according to the read-out we got, your plan, so you can feel free to connect direct e correct me because you haven't given me a read-out of it. >> guaranteed up front measurable savings scored by sea enacted into law. the only guarantee is when congress enacts policies. >> you would be willing to go for specific things and guarantee that there would be a specific amount of cuts? >> of course, of course. >> but that's next year? >>
how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, along...
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Dec 3, 2012
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about what bill clinton said? he said once things start to get better and that's a crucial point he was making. once the economy starts to get better, taxes have to go up on the middle class. do you agree? is. >> i don't, actually. and the reason being is that right now, if you look at the real math, in 2007 and 012, we have the same amount of revenue. now, 2008 and 2009, we had a dramatic drop in federal revenues, but we've slowly climbed back up. revenue has gone up every year of the obama administration and now, we're at historic highs. the same as we were five years ago. the difference
right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about...
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being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >> hard work does payoff, it does. neil: just a few moments, senator jim demint on why he is taking a sprint. is the tea party's loudest voice in the senate leaving the tea party high and dry? he is hereafter with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ rth ] thor's small business earns double miles on every pchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ le announcer ] the spark business card from capital one. choose
being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >>...
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Dec 9, 2012
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if it is to reduce the deficit, it won't happen because if they take that money it, may run the government for 8 days. so we're not talking about an amount of money that's really going to fundamentally change either the ability to fund government or reduce the deficit. is it because he wants to punish people at the top? why? what is that to him? that doesn't help people at the bottom. if it did, then it could be justified. and i guess the president has yet to explain other than the fair share if you think about it top 10% pay a 7% of all the federal taxes so what is a fair share? >> geraldo: but that is what he campaigned on isn't that in itself its own justification be it -- albeit that it is 8 days out of 365? >> i think what he campaigned on certainly thats with a one of the things that he hammered of but hes said he was going to get the federal deficit down and federal spending under will cro. he said he was going to take on freely transparent. talk about a president who has broken campaign promises. what he needs to understand that his job is not it campaign anymore. find something th
if it is to reduce the deficit, it won't happen because if they take that money it, may run the government for 8 days. so we're not talking about an amount of money that's really going to fundamentally change either the ability to fund government or reduce the deficit. is it because he wants to punish people at the top? why? what is that to him? that doesn't help people at the bottom. if it did, then it could be justified. and i guess the president has yet to explain other than the fair share...
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Dec 5, 2012
12/12
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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Dec 4, 2012
12/12
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our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your plan. >> he can't show you a plan he gave you a plan. his plan is not to repeal obamacare. not going to happen. you lost the election, buddy. >> we are out of time. we need to take bob shrum's coffee away, bring everybody back down. we appreciate your time, senator. i love you hashing the numbers with him. he always comes ready to lay it out. >> political reality, it is a very different world than he is laying out. republicans won't consider raising the top rates, it is not your choice anymore. they are going up unless you make a deal that the president accepts. >>> believe
our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your...
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Dec 6, 2012
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. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that
. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600...
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bill clinton increased taxes from 35 to 39%, started with a $300 billion deficit. ended with a trillion dollar surplus. all of you and i think you on television predictedicted thered be a recession. 23 million jobs later, there was no recession. >> lanny, if what you say is true, that the clinton tax cuts did it, why doesn't barack obama say let's have back all of the clinton tax hikes? let's have back all of the clinton tax increases object on everybody and we'll have a boom because he knows in his heart what he knew in 2010. you raise taxes on everybody, and a weak economy like we've got and you will send it into the dumpster. that's what he's threatening to do. >> that's a fair point. that's the reason it's a weak economy. when bill clinton raised taes and ended up with a surplus, conservatives like yourself loved the fact we had a surplus underather than under the last o administrations. we now have a $16 trillion national debt. >> one question, lanny. under bill clinton, they cut defense spending from reagan 6% of gdp to 3%. cut it in half as a percentage of t
bill clinton increased taxes from 35 to 39%, started with a $300 billion deficit. ended with a trillion dollar surplus. all of you and i think you on television predictedicted thered be a recession. 23 million jobs later, there was no recession. >> lanny, if what you say is true, that the clinton tax cuts did it, why doesn't barack obama say let's have back all of the clinton tax hikes? let's have back all of the clinton tax increases object on everybody and we'll have a boom because he...
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Dec 9, 2012
12/12
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we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31 billion. the reality is, over 10 years, based on documents i have seen from republicans, raising the top rates would get you over $400 billion in new revenue. so that is a fact that both sides agree on. >> david, in two months of this new first cal year, you have achieved $30 billion more in revenue, but 16% increase in spending. it is a spending problem. and the president wants to increase taxes to continue the spending. he proposed a plan that put a new spend list in that added more than just the top two rates' worth in the first year. t
we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31...
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Dec 6, 2012
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then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity for them to step forward and show some leadership. the majority of americans do want this right now. congresswoman, the president has asked you to stay on as d next c chair. what is the way forward for the democrats? what's happening here? >> well, we need to continue to focus on rebuilding our economy from the middle class out. president obama talked eloquently and passionately during the campaign about making sure that we can get a handle on this deficit, that we can rebuild our economy from the middle class out, that we can focus on creating jobs and getting the economy turned around, and that's what
then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity...
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Dec 9, 2012
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how do they get the deficit debate back to spending and entitlements? >> they can do that next year once taxes are off the table. these pass an extension of all bush tax cuts which republicans believe is best. >> before the end of the year. >> yes, before christmas. then pass perhaps a second piece of legislation as a fallback if the senate doesn't accept the better piece. it makes accommodations to president obama and allows a hike up to 37% for millionaires. obama has a extreme position. 4% on every family making $250,000 or more. there are a a lot of upper middle class families that don't think they're wealthy if they're paying college tuition making more than $250,000 and less than 750 or a million. there's a tax increase going into effect for those families in obamacare, 1% increase on income and a big 3% increase surcharge on investments. so republicans can say best case, no tax increase, we'll also give you a responsible modest increase so you can satisfy yourself, president obama, that we're increasing taxes on millionaires, not families making
how do they get the deficit debate back to spending and entitlements? >> they can do that next year once taxes are off the table. these pass an extension of all bush tax cuts which republicans believe is best. >> before the end of the year. >> yes, before christmas. then pass perhaps a second piece of legislation as a fallback if the senate doesn't accept the better piece. it makes accommodations to president obama and allows a hike up to 37% for millionaires. obama has a...
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Dec 8, 2012
12/12
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social security has not contributed one penny to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get some kind of deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses. it makes no sense for the government to pay medicare costs for somebody who is earning $700,000 a year. a million dollars a year. so i think we can do some means testing. but by no means am i saying it the means test should be low enough so that our elderly and our poorest americans are going to pay for the deficit. but we want a deal. we want a deal. we'll deal with medicare. and keep in mind, i think this is very important. if the bush tax cuts are expired, as they will be, just as sure as today is friday, they are gone, that generates $950 billion toward the deficit over a ten-year period. we'd set aside $1.2 trillion. we're almost there. and if you do means testing on medicare, we make it. >> well, the republicans would ne
social security has not contributed one penny to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get some kind of deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses. it makes no sense for the government to pay medicare costs for somebody who is earning $700,000 a year. a million dollars a year. so i think we can do some means testing. but...
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Dec 4, 2012
12/12
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end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i think don't panic is good advice, but i don't see what the problem is with taking a little cash off the table here and putting it on the side and waiting to see if we do get a major adverse market reaction to them putting that cash to work once we get a resolution. >> this is what makes a market. thank you for your divergent thoughts on the market today. see you later. thanks. >>> when we come back, we have the closing countdown already for this tuesday. >> then, we're watching netflix. the stock surging today on a deal with disney. is the stock move justified? we'll check it out. more on that straight ahea
end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i...
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minneapolis is at an 11-inch deficit. they'll get five to eight. then the cold blast of air comes in. in the teens by monday. starting the workweek this chicago in the teens. dallas could see flakes of snow as well. >> 14 in minneapolis. >>> we turn to a headline that caught our attention here. many americans driving new cars are now being watched by a device right in their own car. tracking the turns and the speed. and it is igniting a new debate tonight about who gets that information. here's abc's mark greenblatt now. >> reporter: you're probably used to hearing about black boxes helping solve airplane crashes. but lieutenant governor timothy murray found out the hard way they're in some cars t when he crashed this one, he said he had a seat belt on and claimed hewas the data recorder said he was driving unbelted and faster than 100 miles an hour. but there's a larger controversy >> there are important safety thhol' but there a who will access the information and how long will it be collected? >> reporter: the boxes tap into the electronics to t
minneapolis is at an 11-inch deficit. they'll get five to eight. then the cold blast of air comes in. in the teens by monday. starting the workweek this chicago in the teens. dallas could see flakes of snow as well. >> 14 in minneapolis. >>> we turn to a headline that caught our attention here. many americans driving new cars are now being watched by a device right in their own car. tracking the turns and the speed. and it is igniting a new debate tonight about who gets that...
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Dec 2, 2012
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we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases right away. >> yeah. >> can i ask you, though, how can you guarantee e that all the extra tax hikes and provisions actually go towards paying the national debt and not more spending and more programs? >> you can't guarantee that but you have a conservative republican congress. they are not going to vote for any spending increase. why not take advantage of that and make the initial cuts and let them go into a stalemate for awhile. that's a pretty big amount. my sges that provides the certainty. we go back to the clinton tax rates. and we make sig
we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases...
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Dec 8, 2012
12/12
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and it's yet to present a plan that reduces our deficit. i'm willing to work with anyone who's willing to put a plan on the table. but our party, or anyone, should not sit down and negotiate. >> and i want you to weigh in because we're running out of time, but as far as a compromise on a marginal tax rate, let's say 36 or 37%. is that acceptable? >> no, no. my marge mall tax rate increases, if there is any increase in revenue, it just gives them more to play with over on capitol hill. when we talk about fairness, when the top 2% are already paying 45% of total income tax, that's a big question of fairness there. >> interesting stuff from the out going and the incoming head of the heritage foundation, senator demint leaving the senate causing some shock waves here in washington. other important news we're following. international suspicions that syria's regime may be preparing to use chemical weapons against its own people. we're going to talk about that and more with the special middle east envoy. the former british prime minister, tony bla
and it's yet to present a plan that reduces our deficit. i'm willing to work with anyone who's willing to put a plan on the table. but our party, or anyone, should not sit down and negotiate. >> and i want you to weigh in because we're running out of time, but as far as a compromise on a marginal tax rate, let's say 36 or 37%. is that acceptable? >> no, no. my marge mall tax rate increases, if there is any increase in revenue, it just gives them more to play with over on capitol...
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. >> they instigated deficit reduction it has been tough times, britain with a double dip recession this year, so, it is all about shared sacrifice, everyone from the queen, doing their bit. neil: does the queen sacrifice? >> she seen as not taking -- but all about everybody on the budget. then you have starbucks that found out, you can't move the starbucks in britain, taking away a lot of traditional british tea shops have you starbucks. it has moved in over a third of coffee shops are starbucks. past 14 years starbucks paid lesser than 1% in corporate tax rates. neil: in britain. is it legal? >> it is legal, but the loopholes have to close, to be fair to starbucks, they realized this is p, suicide, they said we do need to pay more, it will be interesting whether google and amazon will follow. neil: i am not a fan of any company that is charges $7 for a cup of coffee. it has to be made out of gold. then you could not drink it i am wondering. it seems to me, there is a disproportionate emphasis on raising taxes, the rate they brought to $55, they over did the fees, and charges and excise
. >> they instigated deficit reduction it has been tough times, britain with a double dip recession this year, so, it is all about shared sacrifice, everyone from the queen, doing their bit. neil: does the queen sacrifice? >> she seen as not taking -- but all about everybody on the budget. then you have starbucks that found out, you can't move the starbucks in britain, taking away a lot of traditional british tea shops have you starbucks. it has moved in over a third of coffee shops...
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Dec 5, 2012
12/12
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trillion dollar deficits for as far as the eye can see. $16 trillion worth of debt already on the books. every man, woman, and child owing the government over $50,000 and that number is increasing every single year. and i think as a result our members understand that we've got to solve the problem and we will. >> so the bottom line is it really seems obvious, especially after talking to members coming out of that meeting, that they have been able to at least so far turn the rank-and-file and obtained them and said to the conference, the american people re-elected, meaning the president, and re-elected us. that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they
trillion dollar deficits for as far as the eye can see. $16 trillion worth of debt already on the books. every man, woman, and child owing the government over $50,000 and that number is increasing every single year. and i think as a result our members understand that we've got to solve the problem and we will. >> so the bottom line is it really seems obvious, especially after talking to members coming out of that meeting, that they have been able to at least so far turn the rank-and-file...
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Dec 8, 2012
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. >> republicans frequently argue it is critical to get a handle on the nation's deficits before the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you can do to reduce debt, but still have a a -- an aspect of the economy. >> some say europe's austerity is a drag on economic growth because it relies on taxation while failing to rein in the expansion of government. and that would seem to back up a republican theme in this fiscal cliff argument. >> if we raise taxes on the top two rates which is about a million small businesses who employ 25% of the workforce, it will cost us over 700,000 jobs and reduce economic growth and lower take home pay. that's a bad scenario. >> the lead negotiator on the republican side of the table facing mr. obama says raising tax
. >> republicans frequently argue it is critical to get a handle on the nation's deficits before the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you...
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Dec 8, 2012
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the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure savings, it's a cost shift. first and foremost, you're going to see increased costs for seniors who will have to find another health insurer since medicare is huge and uses its bargaining power to pay less by quite a bit. the seniors turning to private insurance will have to pay more for the same coverage. 3.7 billion more in the first year of the policy. for those 65 and 66 years old who are eligible for medicaid, states will have to pick up some of that tab. so three-quarters of a billion dollars will pick up that tab, we think. then there are the employers. many of the ineligible wil
the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure...
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Dec 4, 2012
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. >>> our thesis is that with a pretty big deficit/debt problem ultimately you'll have to unwind some of the stimulus and that would be bad for the market multiples in the interim. >> well, that was one of the street's biggest bears, morgan stanley's adam parker. our next guest has an entirely different opinion and he says stocks are going sharply higher over the next few months regardless of what happens in washington. barry bannister joins us now live. barry, it's nice to see you. >> hi. >> i'd call you a market bull, but i'd be doing you a disservice. you are looking for 1600 in just the next couple of months. how in the world will we get there? >> well, we do need some fiscal clarity. i don't think we can get there without that. right now the central banks have been in the lead around the world and we need the politicians to fall in line. it's taken longer than i thought, though. >> so originally, what, you had 1600 s&p by the end of this year, am i correct, by 2012? >> yeah, the election left a lot of the status quo intact about the house, the senate, and the preside presidency.
. >>> our thesis is that with a pretty big deficit/debt problem ultimately you'll have to unwind some of the stimulus and that would be bad for the market multiples in the interim. >> well, that was one of the street's biggest bears, morgan stanley's adam parker. our next guest has an entirely different opinion and he says stocks are going sharply higher over the next few months regardless of what happens in washington. barry bannister joins us now live. barry, it's nice to see...
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or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti deduction, there are some reasons, fairly good reasons why you would want to think twice. you know, are you going to go after home mortgage deduction at a time when the housing industry is trying to get its feet? are you going to go after the exemption on taxation for health insurance? i mean, that's the biggest one, actually. that's like $250 billion a year. but i don't think anybody wants to dive back into that at this point. so, you know, how else are you going to do it? >> arianna, can i just say that -- and this is -- i guess i've been articu
or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti...
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Dec 6, 2012
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members of congress got together and gorged themselves at the table of deficit spending ordering up porterhouse sized tax cuts for their riff friends and a heaping helping of extended unemployment benefits for their out of work neighbors, something i support, by the way. now the bill comes due, and when it's time to whip out the national credit card, you whisper your sweet notion into the tea party's here and the gop threatens to dash as a matter of principle. who wants to put $16 trillion on the national credit card? who is pro-debt? no one. gop extremists get to pretend they're the adults in the room railing about spending that has already happened that they agreed to, and the best part you naughty, naughty, debt ceiling you, you offer them up a chance to get more goodies in the form of more tax cuts or the righteous thrill of cutting medicaid assistance from those obama-loving takers. for nearly 100 years now you were just this boring, nondescript wallflower, never drawing attention to yourself. when congress through spending and tax cuts came up against your limits, you were wordlessly elev
members of congress got together and gorged themselves at the table of deficit spending ordering up porterhouse sized tax cuts for their riff friends and a heaping helping of extended unemployment benefits for their out of work neighbors, something i support, by the way. now the bill comes due, and when it's time to whip out the national credit card, you whisper your sweet notion into the tea party's here and the gop threatens to dash as a matter of principle. who wants to put $16 trillion on...
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Dec 4, 2012
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, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later on today to congress to give them some ideas of ways we think governors can help and also we think it's important that the governors have a seat at the table because ultimately it's the states that will also feel the effect of what happens in washington, d.c. >> you made that point, governor. i'm curious about the line in the sand for the president, and i'm sure he expressed his thoughts on the tax rate for those who make over $250,000. that revenue is needed. without, i guess, endorsing one plan over the other, where do you stand
, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later...